Two separate circuits presents a safety problem if you do what you're describing, regardless of what you've written below. It also violates the NEC.
Here's why: Because the circuits are separate - that is, not in the same junction box, inductive heating can occur. (If they were in the same junction box, you could simply install a 240V receptacle and be done with it.) Because there are two physically separate outlets, you would have to connect a wire to phase A in junction box 1, and another wire to phase B in junction box 2. Where the wires are not physically close and physically parallel to one another (ie like zip cord) there is no magnetic field cancellation. Where the wire passes close to (or through) metal the magnetic field around the wire induces a current in the metal which heats it.
So the idea starts out unsafe, before you even get to the circuit ideas you mention below. Others have addressed some issues in that area.
Ed